Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 9. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing small molecule drugs to treat patients with metabolic diseases. The Company’s interim chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to our reportable segment for the periods indicated:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025		2024
External costs:
Clinical research organization expenses
COVALENT - 101	$	926			124	$	1,927	$	582
COVALENT - 102		(142	)		122		472		474
COVALENT - 103		859			885		1,598		1,580
COVALENT - 111		1,093			5,398		3,335		13,158
COVALENT - 112		311			1,530		813		3,263
Other clinical related expenses		843			4,913		3,330		8,816
Preclinical activities related expenses		1,594			3,624		3,550		6,589
Expenses related to manufacturing of    clinical and research material		1,421			1,473		2,269		4,131
Other external costs		1,899			2,104		4,471		3,820
Internal costs:
Personnel-related expenses (including    stock-based compensation)		5,693			9,498		13,520		19,005
Facilities and other allocated expenses		2,069			2,154		4,178		4,183
Total research and development expenses	$	16,566		$	31,825	$	39,463	$	65,601

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
External costs	$	1,282	$	1,716	$	3,548	$	3,514
Internal costs:
Personnel-related expenses (including    stock-based compensation)		3,020		4,964		7,110		10,067
Facilities and other allocated expenses		408		393		867		775
Total general and administrative expenses	$	4,710	$	7,073	$	11,525	$	14,356

Reconciliation of segment loss from operations to net loss:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Loss from operations of reportable segments	$	(21,276	)	$	(38,898	)	$	(50,988	)	$	(79,957	)
Interest and other income, net		536			1,622			986			3,620
Net loss	$	(20,740	)	$	(37,276	)	$	(50,002	)	$	(76,337	)